Download this Kentucky Irrevocable Living Trust Form.  A grantor, which is the person who creates the trust, can set aside some or all of their property and assets into an entity called a “trust”.  A trust allows the grantor flexibility in designating beneficiaries, timing of distributions and restrictions on the use of distributions.  For instance, a grantor can specify that until a beneficiary reaches the age of 25, the funds from the trust expended for his or her benefit can only be expended for educational or health purposes.   A trust also provides continuity as it continues as an entity after the death of the grantor.  Finally a trust is a private document, so it provides privacy.  The grantor designates a trustee and successor trustees to administer and manage the trust.  The trustees have a fiduciary responsibility to the beneficiaries of the trust.  An irrevocable trust is not meant to be changed or revoked during the life of the grantor, due to favorable tax treatment.

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